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Academic literature on the topic 'Underpricing'

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Published: 4 June 2021
Last updated: 9 March 2023

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Journal articles on the topic "Underpricing"

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Setyowati, Trikosiwi Koco, and Siti Aisiyah Suciningtyas. "ANALISIS TINGKAT UNDERPRICING SAHAM PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA (IPO) DI BEI PERIODE 2012-2016 Studi Kasus Pada Perusahaan Yang Melakukan IPO di Bursa Efek Indonesia Tahun 2012-2016." Jurnal Ekonomi dan Bisnis 19, no. 1 (January 11, 2018): 89. http://dx.doi.org/10.30659/ekobis.19.1.89-98.

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The aims of this study is to find out the effect of Profitability, Leverage, against Underpricingto firms at Intial Public Offering (IPO) on Indonesia Stock Exchange 2012-2016 which ismediated by Stock Liqudity. The population in this study are 105 companies at Intial PublicOffering (IPO) that listed on Indonesia Stock Exchange 2012-2016. After selection by using thepurposive sampling method in the population, obtained the results of the census of 71 firmswere through underpricing used as samples. The secondary data collection method that usedis documentation method and indirect observation. Data analysis technique used regressionanalysis of panel data. Based on the results of research, Based on the results of the research,partially profitability has a positive effect to stock liquidity. Leverage has negative and nosignificant effect to stock liquidity. Profitability, Leverage, and Stock Liquidity have a significantnegative effect on underpricing. And simultaneously, Profitability, Leverage, and Stock Liquidityhave an effect on Underpricing.Keywords: Profitabilty, Leverage, Stock Liquidity, Underpricing
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Hadi Cahyadi, Novellia Dwijaya,. "Faktor-Faktor yang Mempengaruhi Tingkat Underpricing: Studi Empiris Perusahaan Keluarga IPO di BEI." Jurnal Ekonomi 26, no. 11 (September 8, 2022): 337–94. http://dx.doi.org/10.24912/je.v26i11.783.

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This study aims to examine and analyze whether there is a partial or simultaneous influence between firm size, underwriter reputation, firm age, financial leverage, and capital market conditions on the level of underpricing. The population in this study is a family company that has conducted an IPO and has been listed on the Indonesia Stock Exchange for the 2016-2021 period. The method in this research is purposive sampling and the research object used is 45 samples. The results of this study are: company size, underwriter reputation, and company age have a positive and significant effect on the level of underpricing, while financial leverage and capital market conditions have no significant effect on the level of underpricing.Â
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Zuhafni, Zuhafni. "ANALISIS FAKTOR-FAKTOR YANG BERPENGARUH TERHADAP UNDERPRICING DALAM INITIAL PUBLIC OFFERING (IPO) PADA KELOMPOK PERUSAHAAN KEUANGAN DAN NON KEUANGAN DI BURSA EFEK JAKARTA (BEJ)." Jurnal Apresiasi Ekonomi 2, no. 1 (December 19, 2018): 33–45. http://dx.doi.org/10.31846/jae.v2i1.55.

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Tujuan riset ini adalah untuk membuktikan; apakah Reputasi Penjamin Emisi mempengaruhi underpricing pada penawaran saham perdana (IPO), apakah Offer Size (gross proceeds) mempengaruhi underpricing pada penawaran saham perdana (IPO), apakah Stock Volatility mempengaruhi underpricing pada penawaran saham perdana (IPO) dan untuk menguji apakah underpricing pada kelompok perusahaan keuangan lebih kecil dibanding dengan kelompok perusahaan non keuanga. Hasil riset ini menunjukkan; reputasi penjamin emisi tidak berpengaruh terhadap underpricing, offer size menunjukan tidak berpengaruh terhadap underpricing, terdapat pengaruh positif secara signifikan antara stock volatility dengan menggunakan proksi pengukuran standar deviasi LOGHL dan underpricing pada kelompok perusahaan keuangan lebih kecil apabila dibandingkan dengan kelompok perusahaan non keuangan. Faktor-faktor yang sangat mempengaruhi underpricing pada penawaran saham perdana (IPO) di BEJ, Offer size ternyata tidak berpengaruh terhadap underpricing (tingkat pengaruh hanya 5%). Terdapat hubungan positif secara signifikan antara stock volatility dengan menggunakan proksi pengukuran standar deviasi LOGHL dan Underpricing pada kelompok perusahaan keuangan lebih kecil apabila dibandingkan dengan kelompok perusahaan non keuangan dengan menggunakan abnormal return. Kata kunci: Underpricing, IPO, Stock Volatility, Abnormal Return, Penjamin Emisi
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Sembiring, Era Franatalia, Gina Rahmawati, and Ferby Wijaya Kusumawati. "Analisis Faktor Yang Mempengaruhi Underpricing Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2016." Jurnal Inspirasi Bisnis dan Manajemen 2, no. 2 (December 31, 2018): 167. http://dx.doi.org/10.33603/jibm.v2i2.1721.

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Abstract. The aim of this research is to analyze the influencing factors stock underpricing in the year of 2010-2016. This research analyzes the influence Debt to Asset Ratio (DAR), Return on Equity (ROE), and the firm size to stock underpricing. This research uses purposive sampling method so, from 155 companies of the population, there are 96 companies were selected as research samples. The test consists of a classic assumption test and statistical hypothesis test namely partial test and simultan test uses multiple regressions. The results of the research show partially, variable return on equity (ROE) take effect negatively and significant to underpricing, firm size take effect positively and significant to underpricing, but variable debt to asset ratio (DAR) there is no effect to company underpricing. Simultaneously, debt to asset ratio (DAR), return on equity (ROE), and firm size jointly have a significant effect to underpricing. For further research, is expected to add to the research period and add more research variable allows affect underpricing. Keywords: DAR, IPO, ROE , Size, Underpricing Abstrak. Penelitian ini dilakukan dengan tujuan untuk menganalisis faktor-faktor yang mempengaruhi underpricing saham pada tahun 2010-2016. Penelitian ini menganalisis pengaruh Debt to Asset Ratio (DAR), Return on Equity (ROE), dan ukuran perusahaan terhadap underpricing saham. Metode pengambilan sampel dalam penelitian ini adalah purposive sampling sehingga dari 155 perusahaan yang menjadi populasi terpilih 96 perusahaan yang dijadikan sampel penelitian. Pengujian terdiri dari uji asumsi klasik dan uji hipotesis statistik yaitu uji parsial dan uji simultan menggunakan multiple regresi. Hasil penelitian menunjukkan bahwa secara parsial variabel return on equity (ROE) berpengaruh negatif dan signifikan terhadap underpricing, ukuran perusahaan (Size) berpengaruh positif dan signifikan terhadap underpricing, sedangkan variabel debt to asset ratio (DAR) tidak berpengaruh terhadap underpricing perusahaan. Secara simultan debt to asset ratio (DAR), return on equity (ROE), dan ukuran perusahaan (size) secara bersama-sama berpengaruh signifikan terhadap underpricing. Untuk penelitian selanjutnya diharapkan untuk menambah periode penelitian dan menambah varibel penelitian yang lebih memungkinkan mempengaruhi underpricing. Kata Kunci : DAR, IPO, ROE , Size, Underpricing
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Jayanarendra, Anak Agung Gede, and Ni Luh Putu Wiagustini. "PENGARUH REPUTASI UNDERWRITER, UKURAN PERUSAHAAN, DAN RETURN ON EQUITY TERHADAP UNDERPRICING SAAT IPO DI BEI." E-Jurnal Manajemen Universitas Udayana 8, no. 8 (August 3, 2019): 4731. http://dx.doi.org/10.24843/ejmunud.2019.v08.i08.p01.

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This study aims to analyze the influence of the factors that influence underpricing on the Initial Public Offering (IPO). The sample of this study amounted to 102 companies that experienced underpricing in 2013-2017 which were listed on the Indonesia Stock Exchange, the sample was conducted based on purposive sampling technique, with the criteria of companies conducting IPOs on the IDX in the period 2013-2017 and experiencing the phenomenon of underpricing. The method of data analysis uses multiple linear regression using the SPSS 20 program. The findings of the study are that company size and return on equity have a significant negative effect on underpricing, while the underwriter's reputation does not affect underpricing. This shows that the higher the size of the company and return on equity, the lower the underpricing of the company. Unlike the reputation of the underwriter who has no influence on underpricing. Keywords: initial public offering, underpricing, underwriter reputation, firm size, return on equity
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Muhamad khoirul iqbal, Iqbal, and Aina Zahra Parinduri. "FAKTOR FAKTOR YANG MEMPENGARUHI UNDERPRICING PADA SAAT IPO STUDY KASUS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI 2019 -2021." Jurnal Ekonomi Trisakti 2, no. 2 (November 20, 2020): 1049–62. http://dx.doi.org/10.25105/jet.v2i2.14758.

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Penelitian ini bertujuan untuk mengetahui seberapa besar faktor – faktor yang mempengaruhi underpricing pada saat Ipo study kasus perusahaan manufacture yang terdaftar di BEI 2019-2021. Analisis yang digunakan dalam penelitian ini adalah metode purposive sampling dengan menggunakan program SPSS Versi 24.00 dengan signifikan sebesar 5% dan menggunakan model statistik regresi linear berganda, korelasi linear berganda, dan uji koefisien determinasi linear berganda dengan Ukuran perusahaan, Leverage, Return On Equity, Dan Likuiditas sebagai variabel bebas dan Underpricing sebagai variabel terikat. Hubungan antara Ukuran Perusahaan tidak berpengaruh secara parsial terhadap Underpricing. Hubungan antara Leverage berpengaruh secara parsial terhadap Underpricing. Hubungan antara Return On Equity berpengaruh secara parsial terhadap Underpricing. Hubungan antara Likuiditas tidak berpengaruh secara parsial terhadap Underpricing. Hubungan antara Ukuran perusahaan, Leverage, Return On Equity, Dan Likuiditas berpengaruh secara simultan terhadap Underpricing
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Jain, Neeta, and C. Padmavathi. "Underpricing of Initial Public Offerings in Indian Capital Market." Vikalpa: The Journal for Decision Makers 37, no. 1 (January 2012): 83–96. http://dx.doi.org/10.1177/0256090920120107.

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This paper is an attempt to empirically explore the determinants of underpricing of Initial Public Offerings (IPOs) in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from low growth opportunities to high growth opportunities. It has been observed that IPOs are underpriced in most of the countries (Loughran, Ritter and Rydqvist 1994). Underpricing is the pricing of the issue at lesser price than the true value of the issue. The degree of underpricing varies from country to country and issue to issue in the same country. The underpriced IPO leaves money on the table which is a cost (loss of capital) for the company and the same becomes a gain for the investors in the form of positive initial returns on the underpriced shares. Though underpricing is a cost for the issuing company, the issuing company underprices the issue. There are many theoretical explanations for underpricing of IPOs. This is an empirical study which aims to find out the factors which are causing underpricing in India. The underpricing of IPOs is a serious problem for any economy. On the one hand, high underpricing tendency in the primary market discourages IPOs issued by those companies which cannot afford or do not want underpricing (leaving money on the table). On the other hand, it creates arbitrage activities in the secondary market and in the grey market. The underpricing of IPOs thus hampers the growth opportunities and creates instability in the secondary market. In India, introduction of book building mechanism of IPOs in 1998 aimed to reduce underpricing because in the book building mechanism, offer price of the issue is determined on the basis of market feedback. The present study on 227 book-built IPOs for the period of 2004 to 2009 found that the average underpricing during this period was 28 per cent while the maximum underpricing was around 242 per cent. Thus underpricing of IPOs is still an issue of concern.
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TRẦN THỊ HẢI, LÝ, and KHA DƯƠNG. "Evidence of Underpricing of Initial Public Offerings in Vietnam." Journal of Asian Business and Economic Studies 217 (July 1, 2013): 74–91. http://dx.doi.org/10.24311/jabes/2013.217.05.

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This study was conducted to find evidence of short-term underpricing of initial public offerings (IPOs) and factors that explain the level of underpricing based on IPO samples in the period between January 2005 and July 2012 in Vietnam. The authors found certain evidence to support the underpricing, with the underpricing rate set at 38% and 49%. Having bootstrapping regression model employed, the results showed that the two factors ? the exceeding purchase ratio and the starting price of the auctions ? negatively correlated as expected with underpricing rate while impact of market conditions appeared relatively weak. Other factors such as size, listing lateness, company age, state ownership after IPOs did not correlate with the underpricing levels in Vietnam
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Purnama, Rita Lian. "FAKTOR-FAKTOR YANG MEMPENGARUHI UNDERPRICING SAHAM PADA PENAWARAN UMUM PERDANA DI BURSA EFEK INDONESIA TAHUN 2009 - 2013." JURNAL FAIRNESS 4, no. 1 (April 1, 2021): 61–72. http://dx.doi.org/10.33369/fairness.v4i1.15300.

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This study aimed to examine the effect of underwriter’s reputation, corporate profitability (ROA), financial leverage (DER), firm’s scale and firm’s age on the level of underpricing. This study uses 36 companies which run IPOs in Indonesia Stock Exchange in the period of 2009-2013 as its samples. Secondary datas were used and obtained from the Indonesian Stock Exchange by using multiple regression analysis testing to prove the research’s hypothesis. The results shows that the underwriter's reputation and firm’s age do not significantly affected the level of underpricing. Corporate profitability (ROA) affected the underpricing negatively, financial leverage (DER) affected on the level of underpricing positively and the scale of companies underpricing affected negatively on the level of underpricing.
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Tan, Qile, William Dimovski, and Victor Fang. "The Underpricing of Infrastructure IPOs: Evidence from China." Review of Pacific Basin Financial Markets and Policies 18, no. 04 (December 2015): 1550025. http://dx.doi.org/10.1142/s0219091515500253.

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This study investigates the underpricing of 135 infrastructure IPOs in China from 1996 to 2012. It follows infrastructure IPO studies in Australia and India which report average underpricing returns to subscribers of 3.5% and 25.4%, respectively. The average underpricing return for Chinese infrastructure IPOs is substantially higher at 86.3%, but interestingly substantially lower than the underpricing of Chinese IPOs generally. The issue size, government ownership and the pre-IPO earnings per share are helpful in explaining the underpricing of Chinese infrastructure IPOs while the underwriter reputation does not appear to have much explanatory power. In addition, we find the underpricing of infrastructure IPOs in China is also affected by its local GDP levels.
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Dissertations / Theses on the topic "Underpricing"

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Dai, Kai. "Liquidity shocks and SEO underpricing." Thesis, University of Nottingham, 2012. http://eprints.nottingham.ac.uk/12627/.

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We hypothesise that certain market conditions could lead to liquidity shocks that will consequently increase SEO underpricing (defined as the close-to-offer return). We propose three scenarios of market conditions, namely aggregate issues with large volume, large market declines and market volatility. Using a sample of about 5,000 seasoned equity offerings from 1987 to 2009, we found that market volatility is significantly and positively related to SEO underpricing after controlling for other factors. We employed an estimation method proposed by Chambers and Dimson (2009) to examine the behaviour of SEO underpricing over our sample period from 1987 to 2009. We found that after controlling for changing risk composition, price practice, market conditions and the influence of underwriter reputation and analyst coverage, there was still an upward shift in SEO underpricing over the sample period, and the pattern cannot be fully explained by the practice of setting offer prices at lower integers. We borrowed the investment banking power hypothesis from the literature and argued that the upward shift of SEO underpricing over the sample period could be explained by the increase of investment banking power. As the industry structure of underwriting transfers from a competitive market to an oligopoly market, banks use non-price dimensions to gain market power and consequently increase SEO underpricing.
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kobeisy, islam. "Underpricing of US FinTech IPOs." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-42312.

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This master thesis examines the effect of ex-ante uncertainty about the intrinsic value of US FinTech IPOs stock on the underpricing level. Baron (1982) Asymmetric information model and Beaty and Ritter (1986) the ex-ante uncertainty model were tested using regression analysis by selecting different proxies of ex-ante uncertainty (Firm Age and Market capitalization, IPO proceed and Number of uses of proceed, Venture backing and Underwriter reputation). The Data set consists of 62 US FinTech IPOs during the period from January, 2005 to July, 2017. The underpricing level of US FinTech IPOs was 20.46%. The market capitalization, venture backing and the number of uses of proceed were found to be significant in determining the level of underpricing. The thesis also concludes that Baron (1982) and Beaty and Ritter (1986) models don’t hold for the FinTech IPOs during the period from January, 2005 to July, 2017.
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Bohdan, Roman. "Innovation, Ownership and IPO Underpricing." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2550.

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This dissertation consists of two empirical essays. The first chapter titled: “Hedge Fund Activism and Dual Ownership of U.S. Multinationals”. Harford, Wang & Zhang (2017) conclude that holding high cash balances abroad to avoid US taxes causes internal capital markets and investments distortions. We posit that hedge funds target MNCs with more severe internal capital and agency problems. We demonstrate that upon acquiring dual ownership in these firms, hedge funds reduce internal capital problems and improve investment, especially innovation, efficiencies. To further reduce agency costs of foreign cash holdings, hedge funds engage dual firms in focused acquisitions. These improvements are reflected in superior performances of dual firms relative to non-dual firms. Chapter 2 titled as “Innovation Strategies & IPO Underpricing”. In this chapter, we investigate how a firms’ choice of pre-IPO innovation strategies affect IPO pricing. We differentiate the orientation of the issuing firm’s innovation portfolio in terms of exploitative orientation versus explorative orientation based on citations of patents across technology classes. We introduce a measure of innovation power to generate breakthrough innovations. We show that the issuing firms with greater innovation power, especially firms with exploratory orientation of a patent, significantly decrease underpricing and have the power to bargain a higher offer price. Our results suggest that a higher exploration strategy requires more time to negotiate a higher offer price while more valuable innovation requires less time to bargain at the higher offer price.
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Hertli, Sascha. "How to Make IPO Underpricing Investable." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04603346001/$FILE/04603346001.pdf.

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Maciel, Luiz Paulo Pires. "Underpricing of equity offerings in Brazil." reponame:Repositório Institucional do FGV, 2006. http://hdl.handle.net/10438/2331.

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Made available in DSpace on 2010-04-20T20:51:29Z (GMT). No. of bitstreams: 3 166822.pdf.jpg: 15303 bytes, checksum: 206e44be273b1479e4a55a52672a97de (MD5) 166822.pdf: 179655 bytes, checksum: e50f1ab0a8c8098f4e556d7060270fb6 (MD5) 166822.pdf.txt: 75907 bytes, checksum: d26fff84a9978716591b6cff78c799c1 (MD5) Previous issue date: 2006-09-11T00:00:00Z
We examine the underpricing of twenty-seven IPOs and twenty-nine SEOs issued in Brazil from January 1999 to March 2006. Determinants on pre-market demand, underwriting activities and information asymmetry were discussed. Common characteristics seem to exist between all issues. 94% have been on premium market corporate level and 93% were realized via bookbuilding. Underpricing for IPOs and SEOs has been recorded at 9.6% and 3.6%, respectively. IPOs are more underpriced when (i) more informed investors receive shares, (ii) better ranked underwriters lead the offer, and (iii) there is positive revision in the final price compared to the initial price range defined before information disclosure. SEOs are more underpriced when (i) shares presents higher appreciation in pre-offer period, and (ii) the proportion of primary offers are larger, supporting adverse selection costs theory.
Esta dissertação examina os determinantes do deságio nas emissões de ações entre Janeiro de 2004 e Maio de 2006 no Mercado Brasileiro de Capitais. Apresentando forte liquidez e rentabilidade nos últimos três anos, o mercado brasileiro vem passando por melhorias institucionais e de regulamentação, como a criação do Novo Mercado na Bovespa e a publicação da CVM nº 400. Como reflexo destes aspectos e da maior participação de investidores estrangeiros e individuais, as ofertas de ações vêm apresentando recordes de emissão em número de empresas e volume negociado. A evolução no desempenho do mercado Brasileiro também é acompanhada pelo retorno das ações recém-emitidas. Comparando com estudo de Aggarwal, Leal e Hernandez (1993), o deságio das ações apresentam forte queda nas últimas décadas, de 78,5% para 9,6%. Esta diferença deve-se a melhoria de ferramentas que reduzem a assimetria de informação entre agentes de mercado e ao desenvolvimento do próprio mercado acionário, tanto para ofertas inicias quanto para secundárias. O que determina este deságio é o principal foco deste trabalho. O nosso objetivo principal é o de contribuir para a literatura brasileira e internacional acerca do desenvolvimento do mercado acionário de países emergentes. Neste trabalho identificamos, organizamos e buscamos compreender as características das emissões de ações, juntamente aos determinantes do deságio observado. Hipóteses principais baseiam-se (a) no papel do banco de investimentos líder na colocação de ações no mercado, (b) na demanda pela ação a ser emitida antes do apreçamento da mesma e (c) na assimetria de informação existente entre a empresa emissora e os potenciais investidores. Nós concluímos que os bancos de investimentos utilizam políticas discricionárias na alocação de ações. Ofertas Públicas Inicias apresentam maior deságio quando (a) os investidores de varejo recebem menos ações, (b) melhores bancos de investimentos coordenam a oferta e (iii) quando o preço final está acima da faixa de preço estipulada anteriormente. Ofertas Públicas Secundárias apresentam maior deságio quando (a) suas ações apresentam valorização nos cinco dias anteriores à emissão e (b) quando há maior ocorrência de ofertas primárias.
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Ren, Jinjuan, and 任錦娟. "Investor sentiments, agency conflicts, and IPO underpricing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B42664342.

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Reeder, Arnold Sietse. "Initial public offering underpricing : 1990s vs. 1980s." Honors in the Major Thesis, University of Central Florida, 2003. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/330.

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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.
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Zheng, Chen. "Essays on IPO underpricing : an economic approach." Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/78876/.

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Regardless of the huge body of literature on the short-run performance of initial public offerings (IPOs), the anomaly remains unsolved and there are still less explored areas, mainly due to a lack of data availability and methodology restrictions. This thesis aims to provide a better understanding of IPO valuation and initial returns with an economic approach, which is new to the focus of current literature on firm- and issuing-characteristics. Specifically, this thesis introduces three new macroeconomic determinants in an IPO valuation, including the country-level financial integration, regional economic openness and geographic business/investment location of real assets, by focusing on the cross-country and real estate IPOs. Due to the already mentioned restrictions on data and methodology, the analysis of this thesis is carried out on three studies, each with a unique and different dataset. The results show that a country’s financial integration reduces IPO initial returns, along with the country-level institutional settings. Alongside this direct effect, the results also suggest a moderation effect where financial integration weakens the impact of country institutions on IPO underpricing. Furthermore, in the second study, urban economic openness at a regional (or city) level within a country is found to reduce IPO initial returns. We use the laboratory of real estate IPOs in China, where we observe high underpricing and cross-sectional variation in openness between regions. As this impact is transmitted through the geographic location of a company’s underlying real assets, the final study shows how this geographic factor matters for U.S. Real Estate Investment Trust (REIT) IPOs. The findings reveal a negative relationship between the geographic diversification of the underlying properties and IPO initial returns. Overall, this thesis highlights the importance of the macroeconomic conditions surrounding the issuing company to its IPO valuation.
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Ren, Jinjuan. "Investor sentiments, agency conflicts, and IPO underpricing." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42664342.

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Guidolin, Katia <1988&gt. "Il fenomeno dell'IPO underpricing: il caso Cina." Master's Degree Thesis, Università Ca' Foscari Venezia, 2013. http://hdl.handle.net/10579/3096.

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Il processo di quotazione, modalità chiave a disposizione delle aziende per raccogliere capitale presso il pubblico, cela un'anomalia che da decenni ha interessato schiere di studiosi ed esperti: il fenomeno dell'underpricing. Al fine di spiegare questo "puzzle" della finanza si è innescato un'attento processo di indagine delle cause e formulazione delle relative teorie esplicative a partire da dati empirici, avendo però privilegiato come scenario d'analisi perlopiù il contesto occidentale. Questo elaborato vuole invece volgere lo sguardo verso il continente asiatico, la Cina in particolar modo, dove il fenomeno si è registrato con un tale grado di intensità e di straordinarietà da farlo ritenere un caso eccezionale.
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Books on the topic "Underpricing"

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Döhrmann, Andreas. Underpricing oder Fair Value. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8.

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Wall, David K. Underpricing of initial public offerings. Dublin: University College Dublin, 1993.

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Bramhoff, Sandra. Das Underpricing-Phänomen bei kleinen Unternehmen. Wiesbaden: Springer Fachmedien Wiesbaden, 2014. http://dx.doi.org/10.1007/978-3-658-06088-6.

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Kennedy, William J. A test for underpricing of stallion shares. Dublin: University College Dublin, 1993.

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5

Shiller, Robert J. Initial public offerings: Investor behavior and underpricing. Cambridge, MA: National Bureau of Economic Research, 1988.

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Schuster, Josef A. Underpricing and crisis - IPO performance in Germany. London: London School of Economics, Financial Markets Group, 1996.

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Hunger, Adrian. IPO-Underpricing im Kontext einer vertikalen Marktsegmentierung. Berlin: Duncker & Humblot, 2005.

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Madhusoodanan, T. P. Underpricing in initial public offerings: The Indian evidence. Mumbai: UTI Institute of Capital Markets, 1996.

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Branco, Fernando. A theory of partial sales and underpricing in privatizations. Cambridge, Mass: Sloan School of Management, Massachusetts Institute of Technology, 1991.

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Kooner, H. S. Underpricing of initial public offerings in the football sector. Manchester: UMIST, 1997.

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Book chapters on the topic "Underpricing"

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Schweinitz, Johann. "Underpricing — Overpricing." In Renditeentwicklungen von Aktienemissionen, 9–17. Wiesbaden: Deutscher Universitätsverlag, 1997. http://dx.doi.org/10.1007/978-3-663-08923-0_3.

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Kurth, Andreas. "Erklärungsansätze zum Underpricing." In Agency-Probleme und Performance von Initial Public Offerings, 86–111. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82085-3_5.

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Anderson, Seth C., T. Randolph Beard, and Jeffery A. Born. "Testing Theories of Underpricing." In Initial Public Offerings: Findings and Theories, 69–82. Boston, MA: Springer US, 1995. http://dx.doi.org/10.1007/978-1-4615-2295-9_5.

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Barbier, Edward B. "The Underpricing of Nature." In Nature and Wealth, 123–41. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1057/9781137403391_7.

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Döhrmann, Andreas. "Aktienerstemissionen am deutschen Kapitalmarkt." In Underpricing oder Fair Value, 1–20. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8_1.

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Döhrmann, Andreas. "Methodisches Vorgehen." In Underpricing oder Fair Value, 216–29. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8_10.

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Döhrmann, Andreas. "Datenbasis." In Underpricing oder Fair Value, 229–63. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8_11.

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Döhrmann, Andreas. "Ergebnisse." In Underpricing oder Fair Value, 264–97. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8_12.

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Döhrmann, Andreas. "Schlußfolgerungen für die Effizienz des Erstemissions-marktes." In Underpricing oder Fair Value, 298–303. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8_13.

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Döhrmann, Andreas. "Darstellung verschiedener Erklärungsansätze." In Underpricing oder Fair Value, 304–74. Wiesbaden: Deutscher Universitätsverlag, 1990. http://dx.doi.org/10.1007/978-3-322-86363-8_14.

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Conference papers on the topic "Underpricing"

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Utomo, Kurniawan Prambudi, and Abdul Rahman. "IMPLEMENTATION OF DEBT EQUITY RATIO (DER) AND UNDERWRITER'S REPUTATION ON UNDERPRICING DURING INITIAL PUBLIC OFFERING (IPO) ON THE IDX." In Global Conference on Business and Management Proceedings. Goodwood Conferences, 2022. http://dx.doi.org/10.35912/gcbm.v1i1.10.

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Abstract:
This study is expected to describe a real phenomenon that occurs on the Indonesian stock exchange to determine the direct relationship between the Debtto Equity Ratio (DER) and the Reputation of the Underwriter on the Indonesia Stock Exchange (IDX). uses qualitative research, namely field observation research by distributing data that has been structured in a structured manner, and collecting information on the IDX, IDX Fact Book, and scientific literature. From 104 companies and there are 96 companies who experience underpricing, Underpricingon the condition of the company selling shares to the public or Initial Public Offering (IPO) in 2018 which is influenced by the reputation of the underwriter, the size of the company. This study only consists of three variables, Debt to Equity Ratio (DER), Influence, and Reputation of the Underwriter on the Underpricing Phenomenon, while there are many other factors such as stock trivia and e-IPO so that it will be better and meet scientific principles. Underpricing that occurs in companies conducting IPOs, is mostly avoided by other companies because the funds obtained are not maximally obtained from the initial investment price and are below the market price or stock price in the market.
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Schaefers, Wolfgang, and Claudia Ascherl. "IPO underpricing of European property companies." In 22nd Annual European Real Estate Society Conference. European Real Estate Society, 2015. http://dx.doi.org/10.15396/eres2015_180.

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Zhang, Haifeng, Wei Zhang, Gaofeng Zou, and Yongjie Zhang. "Heterogeneous Beliefs, Market Environment and IPO Underpricing." In 2011 Fourth International Joint Conference on Computational Sciences and Optimization (CSO). IEEE, 2011. http://dx.doi.org/10.1109/cso.2011.144.

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Luque, C., D. Quintana, J. M. Valls, and P. Isasi. "Two-layered evolutionary forecasting for IPO underpricing." In 2009 IEEE Congress on Evolutionary Computation (CEC). IEEE, 2009. http://dx.doi.org/10.1109/cec.2009.4983237.

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Wijayanto, Andhi, Ascariena Rafinda, and Dian Ariyani. "Underpricing Phenomenon and Stock Return after IPO." In Economics and Business International Conference 2019. SCITEPRESS - Science and Technology Publications, 2019. http://dx.doi.org/10.5220/0009201802210229.

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Chen, Shouming, and Yuliang Shen. "Visibility and IPO underpricing: evidence from China." In International conference on Management Innovation and Information Technology. Southampton, UK: WIT Press, 2014. http://dx.doi.org/10.2495/miit132302.

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Quintana, David, Cristóbal Luque, and Pedro Isasi. "Evolutionary rule-based system for IPO underpricing prediction." In the 2005 conference. New York, New York, USA: ACM Press, 2005. http://dx.doi.org/10.1145/1068009.1068176.

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"The Underpricing of Infrastructure IPOs: Evidence from China." In 20th Annual European Real Estate Society Conference: ERES Conference 2013. ÖKK-Editions, Vienna, 2013. http://dx.doi.org/10.15396/eres2013_74.

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Chen, Beiyi, Jingyi Liu, and Borui Zhu. "The Impact of Investor Sentiment on IPO Underpricing." In 2021 International Conference on Public Relations and Social Sciences (ICPRSS 2021). Paris, France: Atlantis Press, 2021. http://dx.doi.org/10.2991/assehr.k.211020.335.

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Liu, Yucan, and Jing Xue. "Research on IPO Underpricing, Trading Volume and Investor Interest." In 2010 International Conference on Management and Service Science (MASS 2010). IEEE, 2010. http://dx.doi.org/10.1109/icmss.2010.5578230.

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Reports on the topic "Underpricing"

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Shiller, Robert. Initial Public Offerings: Investor Behavior and Underpricing. Cambridge, MA: National Bureau of Economic Research, December 1988. http://dx.doi.org/10.3386/w2806.

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Sherman, Ann, and Sheridan Titman. Building the IPO Order Book: Underpricing and Participation Limits With Costly Information. Cambridge, MA: National Bureau of Economic Research, July 2000. http://dx.doi.org/10.3386/w7786.

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Hsieh, Chang-Tai, and Enrico Moretti. Did Iraq Cheat the United Nations? Underpricing, Bribes, and the Oil for Food Program. Cambridge, MA: National Bureau of Economic Research, March 2005. http://dx.doi.org/10.3386/w11202.

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